On 19 August, S&P Global Ratings assigned preliminary ratings to Columbus Capital's nonresident residential mortgage-backed securities (RMBS) deal, Vermilion Trust No. 1 Bond Series 2019-1 (Vermilion 2019-1). Indicative total volume for the transaction is A$250 million (US$169.6 million). Credit Suisse, MUFG Securities, Natixis, Standard Chartered and Westpac Institutional Bank were mandated for the transaction on 16 August.
On 19 August, S&P Global Ratings (S&P) assigned AAA preliminary ratings to the Class A-R and Class B1-R notes from Macquarie Bank's residential mortgage-backed securities (RMBS) refinancing, Puma Series 2014-4P. According to S&P, the pool has a balance of A$301.1 million (US$204.2 million) as of June 2019.
On 19 August, Resimac opened books on the Australian dollar denominated tranches for its residential mortgage-backed securities (RMBS) deal, Premier Series 2019-2. Indicative total volume for the Australian dollar denominated tranches is A$412.5 million (US$279.7 million), with pricing expected on or before 23 August.
Asian Development Bank (ADB) took advantage of demand in the early mid-curve to price its NZ$425 million (US$273.2 million) January 2023 Kauri tap on 16 August. The issuer says market conditions in New Zealand and elsewhere have become more challenging but flight-to-quality issuance opportunities are open for supranational, sovereign and agency (SSA) borrowers.
On 19 August, UBS Group (UBS) (A-/A+) revealed plans for an Australian dollar denominated perpetual non-call five-year additional tier-one (AT1) capital transaction. Initial price guidance for the transaction, which is expected to launch in the near future, is 5.125 per cent area.
International Finance Corporation (IFC) (AAA/Aaa) launched a NZ$200 million (US$128.5 million) increase to its September 2023 Kauri bond on 19 August. Indicative price guidance for the transaction, which is expected to price on the day after launch, is 30 basis points area over mid-swap. ANZ is the lead manager.
On 19 August, Bank of Queensland (BOQ) launched its residential mortgage-backed securities deal (RMBS), Series 2019-1 REDS Trust. The transaction has an indicative total volume of A$500 million (US$339.2 million) and is expected to price on or before 23 August.
On 19 August, Inter-American Development Bank (IADB) (AAA/Aaa) launched a minimum NZ$150 million (US$96.5 million) increase to its July 2024 Kauri bond. The deal is being marketed at 34 basis points area over mid-swap and is expected to price on the day after launch. BNZ and Commonwealth Bank are leading.
The second full week of August was highlighted by syndicated semi-government issuance, with Australian Capital Territory's A$1 billion (US$678.9 million) May 2025 deal followed by Western Australian Treasury Corporation's A$1.1 billion February 2024 floating-rate note transaction. Meanwhile, in New Zealand Kauri issuance returned with a NZ$425 million (US$273.7 million) Asian Development Bank tap.
Western Australian Treasury Corporation (WATC) issued its largest ever floating-rate note (FRN) deal in a A$1.1 billion (US$745.9 million) 4.5-year transaction that priced on 14 August. WATC talks to KangaNews about the timing of the deal and the wider context of its funding programme.